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  黄金定价权的争夺不仅关乎国家金融安全,也直接影响着人民币的国际影响力。

  在全球经济格局加速演变的当下,提升人民币黄金定价权成为我国金融领域的重要课题。黄金作为一种具有独特避险属性和价值储存功能的资产,其定价权的争夺不仅关乎国家金融安全,也直接影响着人民币的国际影响力。

  在此背景下,陆家嘴金融沙龙第八期近日举行,在主题为《从完善资产配置到提升定价权:黄金交易市场发展的前景展望》的行业对话中,嘉宾们探讨了如何打造一流的中国黄金市场,以及如何提升人民币在国际金价定价中的话语权等话题。

  嘉宾们还进一步分享了长期资金黄金配置策略,强调黄金在优化投资组合中的重要性,从市场建设与产品创新以及国际接轨与监管协同两大路径展开讨论,为我国黄金市场发展提供了新思路,也为投资者和市场参与者带来重要参考。

  市场建设与产品创新:提升人民币黄金定价权“双引擎”

  要提升人民币黄金定价权,需从产品创新与市场完善入手。工商银行贵金属业务部资深专家赵文建指出,黄金市场应利用黄金与其他资产相关性弱的特点,开发更多“黄金+”组合型投资产品,如“黄金+固收”“黄金+权益类”等,以满足不同投资者需求。目前产品种类仍需扩充。同时,针对不同客户群体,应设计差异化实物黄金产品,如为保值避险型客户推出总价高、加工成本低、形式简单的实物黄金,为年轻客户生产克数小、总价低且设计符合需求的实物黄金。

  在产品创新的基础上,优化市场服务是提升人民币黄金定价权的又一重要环节。在市场服务领域,构建黄金投资的完整闭环是当务之急。赵文建指出,黄金回收及卖出网点有限,商业银行可利用广泛网点促成闭环。如工行有800家网点可收购黄金,未来需更多银行参与,为客户卖出黄金提供便利。同时,将黄金实物与区块链技术结合,可确保黄金可追溯性和交易透明,增强可信度;推动AI技术在黄金交易中的应用,能提升市场运作效率。

  在产品创新与市场服务优化的推动下,提升人民币黄金定价权和市场影响力成为关键。黄金自2009年开发并于2012年推出,肩负“藏金于民”的使命。随着资产管理规模扩大,黄金成为重要资产配置和增值保值工具。华安基金首席指数投资官、总经理助理、基金经理许之彦指出,从央行购金到保险公司业务,再到黄金ETF发展及居民广泛使用,推动了“西金东移”趋势。在复杂国际背景下,黄金需求增加对提升人民币话语权、增强全球影响力及推动国际化进程有积极作用。

  为巩固人民币黄金定价权,机构深度参与和市场活力提升也至关重要。赵文建指出,保险资金进入黄金市场,将优化客群结构,使参与者多元化。其负债中长期、投资中长期的特点与黄金保值属性契合,能增强市场稳定性。作为大体量投资者,保险资金能带动国内资金流入,为国际投资者提供参考,助力全球投资者通过上海黄金交易所配置人民币黄金资产。

  国际接轨与监管协同:夯实人民币黄金定价权基础

  在推动市场建设与产品创新的基础上,与会嘉宾认为,进一步提升人民币黄金定价权还需加快市场开放与国际接轨的步伐。

  为了增强人民币在黄金市场的定价权,推动市场开放与国际接轨至关重要。许之彦建议,养老基金、社保基金和保险公司等机构应借鉴国际经验,将黄金ETF纳入投资组合,从而为投资者提供更多选择。他指出,随着中国黄金ETF市场的逐步完善和发展,通过加强黄金产业链与投资端的协同合作,能够有效提升中国在黄金领域的定价权,进而推动人民币的国际化进程。许之彦特别强调,在这一过程中,黄金ETF将发挥极为积极且重要的作用。

  推动市场开放的同时,监管协调与市场培育是提升人民币黄金定价权的重要保障。上海黄金交易所投资者教育及市场推广部总经理徐荟竹表示,将持续优化国际板的市场体系和机构体系,加强与保险公司、商业银行及ETF管理机构等合作,加大市场培育力度,吸引更多合格投资者参与交易。同时,完善离岸产品建设,强化沪港金融互联互通,为离岸人民币资金回流提供更多黄金产品和投资服务。此外,还将推进国际板基础设施建设,参与国际标准和规则制定,推动中国标准融入全球发展,扩大中国标准和价格的国际影响力。

  在监管协调与市场培育的基础上,高效应对监管与需求的多样化是提升人民币黄金定价权的关键。应如何高效地协调各方,并应对来自不同国家的监管要求以及国际投资者对中国黄金市场的多样化需求?徐荟竹指出,应加强与国际监管机构的沟通与协调,建立既符合国际惯例又适应中国国情的监管框架。同时,通过投资者教育和市场推广,引导国际投资者更好地理解和参与中国黄金市场,满足其多样化需求。

  在应对监管与需求多样化的过程中,长期投资与资产配置是提升人民币黄金定价权的重要支撑。许之彦表示,黄金ETF在“藏金于民”和资产配置方面肩负重要使命,主要通过三个方面推进:一是强化资产研判,凭借专业投研能力,如发布相关报告和提出黄金新周期观点,为客户提供配置依据;二是加大投教力度,普及黄金配置理念;三是积极实践,建议黄金配置比例为5%到15%,并提供多元化ETF产品。未来,将持续提升投研与服务水平,倡导中长期配置思维,助力黄金市场发展,缩小与海外市场的差距。

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